Business Banking cash handling fee changes

On 1 July 2019, we are increasing the free cash threshold for notes on deposits and withdrawals to $4,000 from $2,000 per day and also decreasing the margin from 0.5% to 0.35% across both notes and coins.

We are also amending the change order fee to apply up to the $3,000 maximum from its current $2,000 (as the cash handling fee will no longer apply to orders over $2,000).

Changes to our other accounts and services

Credit Card Repayment Insurance policy

Changes to the Credit Card Repayment Insurance policy

Kiwi Insurance is making some changes to the Credit Card Repayment Insurance Cover wording (PDF 231.3 KB). These changes:

  • Enhance your cover, increasing some cover amounts as well as introducing Terminal Illness cover
  • Introduce cover for pre-existing medical conditions, as long as a number of requirements are met
  • Widen our claim eligibility criteria and are clearer about who can make claims for temporary inability to work, permanent inability to work, redundancy and bankruptcy
  • Reduce premium costs for some customers (individual primary insured cardholders under 35)
  • Change our cancellation policy and being clearer about the distinction between primary and joint cardholders under a joint policy, including who can cancel cover under a joint policy
  • Offer an easier to read layout.

These changes will come into effect from 20 May 2019 for new customers and from 20 July 2019 for existing customers. Full details of the changes, as well as terms and important conditions and exclusions are in the Credit Card Repayment Insurance Cover wording (PDF 231.3 KB).

Savings and investments

Changes to our savings and investments interest rates

We’ve made interest rate changes to some of our savings and investments products following changes in the market. The new rates are effective from 13 May 2019.

You can manage your savings and investment accounts through your internet banking or mobile app.

Notice Saver

Current rate Current rate Rate from 13 May 2019*
Notice period $0 - $1,999.99 $2,000+ $2,000+
32 days 0.00% p.a. 2.25% p.a. 2.10% p.a.
90 days 0.00% p.a. 3.25% p.a. 3.10% p.a.

* No changes to the $0 - $1,999.99 tier.

Online Call, PIE Online Call and Business Online Call

Online Call rewards you with bonus interest each calendar month when you:

  • make no withdrawals or transfers; and
  • have a minimum balance of $2,000 in your account at any time.
Balance Base rate Base rate from 13 May 2019 Bonus rate Bonus rate from 13 May 2019 Total rate Total rate from 13 May 2019
$0 - $1,999 0.00% p.a. No change 0.00% p.a. No change 0.00% p.a. No change
$2,000+ 0.50% p.a. 0.35% p.a. 1.00% p.a. No change 1.50% p.a. 1.35% p.a.

Fast Forward Saver

Fast Forward Saver rewards you with bonus interest each calendar month when you:

  • make no withdrawals or transfers; and
  • deposit at least $20, on or before the last business day of the month. Just be aware, any interest earnt doesn't count as a deposit.
Balance Base rate Base rate from 13 May 2019 Bonus rate Bonus rate from 13 May 2019 Total rate Total rate from 13 May 2019
$0 - $999 0.10% p.a. No change 1.00% p.a. No change 1.10% p.a. No change
$1,000 - $2,999 0.10% p.a. No change 1.00% p.a. No change 1.10% p.a. No change
$3,000 - $3,999 0.10% p.a. No change 1.00% p.a. No change 1.10% p.a. No change
$4,000+ 0.15% p.a. 0.10% p.a. 1.00% p.a. No change 1.15% p.a. 1.10% p.a.

Front Runner

No transaction fees or monthly account fees if you have a minimum balance of $4,000 across your Front Runner accounts (a $15 monthly fee applies if balance drops below $4,000).

Balance Current rate Rate from 13 May 2019
$0 - $3,999 0.00% p.a. No change
$4,000 -$14,999 0.10% p.a. No change
$15,000 - $49,999 0.10% p.a. No change
$50,000 - $99,999 0.25% p.a. 0.10% p.a.
$100,000+ 1.50% p.a. 1.35% p.a.

Back-up Saver

Balance Current rate Rate from 13 May 2019
$0+ 0.15% p.a. 0.10% p.a.

First Saver

Balance Current rate Rate from 13 May 2019
$0+ 1.25% p.a. 1.10% p.a.

Business Performer and NPO Performer Call

No minimum balance, Free transfers to your other Kiwibank accounts (excluding credit cards). No monthly account fee.

Balance Current rate Rates from 13 May 2019
$0 - $3,999 0.00% p.a. No change
$4,000 -$19,999 0.10% p.a. No change
$20,000 - $49,999 0.10% p.a. No change
$50,000 - $99,999 0.25% p.a. 0.10% p.a.
$100,000+ 1.50% p.a. 1.35% p.a.
Credit cards

Credit card terms and conditions

We've made some changes to the Kiwibank Credit Card terms and conditions (PDF 122.6 KB). The changes are effective from 6 May 2019 and include:

  • Being clearer as to the distinction between primary cardholders, joint cardholders and additional cardholders
  • Being clearer as to what we may do where there is a dispute between cardholders (and what we may consider to be a “dispute”)
  • Providing detail as to when and how your card may be transferred to a different card type (including where you ask us to transfer you to a different card type)
  • Adding in details about the current minimum payment requirements.
Kiwi Wealth KiwiSaver Scheme

Changes to the Kiwi Wealth KiwiSaver Scheme

Kiwi Wealth is making some changes to the investment funds in its KiwiSaver scheme. These changes will affect fees and the structure of asset allocations in its Conservative and Growth investment funds. The CashPlus investment fund will also be closed to new members.

The changes to fees and the closure of the CashPlus fund will be effective from 1 April 2019 and the asset allocation restructure will take place on or around 30 April 2019.

Government changes

The Government is also introducing a number of changes to KiwiSaver this year, which will be rolled out in two phases. The first phase is intended to come into effect from 1 April 2019 and includes:

  • Introducing two new employee contribution rates, 6% and 10%, which will be available in addition to the existing rates of 3%, 4% and 8%
  • The member tax credit will be renamed Government contributions
  • Contributions holiday will become known as savings suspension
  • The maximum savings suspension period will be reduced from five years to one year.

Visit the Kiwi Wealth website to find out more.

Overdrafts

Overdraft fees

We've removed some of our overdraft fees, effective from 1 February 2019. Download the new Personal banking fees and limits brochure (PDF 142.2 KB). The changes have been summarised below.

Fee type Old fee New fee
Application fee $15 $0
Overdraft monthly fee $5 per month $0
Over limit fee $10 per month $0
Foreign cheques

Foreign cheques over the value of NZ$500

We’ve made changes to the way we handle foreign cheques, effective from 29 March 2019. If your foreign cheque is over the value of NZ$500, it can take up to four to six weeks (or longer in some cases) for us to process. We’ll only accept foreign cheques under the value of NZ$500 on a case by case basis at our discretion.

Download a copy of the new General Terms and Conditions (PDF 180.3 KB) effective from 29 March 2019.

Home loans

Home loan fees and terms and conditions

We've made changes to some of our home loan fees and our home loan terms and conditions. These changes are effective from 17 December 2018. Download an updated copy of our Personal Banking fees and limits brochure (PDF 142.2 KB) and our home loan terms and conditions (PDF 163.0 KB). The changes have been summarised below.

Changes to home loan terms and conditions

Effective 17 December 2018 we've updated our home loan terms and conditions to reflect the removal of the Low Equity fee. See Section 16, "What Fees and Costs Do You Pay?". Download the home loan terms and conditions (PDF 163.0 KB) effective 17 December 2018.

Home loan fees removed

Fee type Old fee New fee
Application fee $250 Removed
Demand fee – Insurer premiums $50 Removed
Discharge of security fee – urgent $50 Removed
Low Equity fee Varies depending on LVR Removed

Home loan fees reduced

Fee type Old fee New fee
Demand fee - Default $50 $12
Demand fee - Rates $50 $12
Discharge of security fee $75 $30 – full discharge* $70 – partial discharge*
Loan restructure fee $175 $30 – simple request* $135 – complex request*
Settlement Statement fee $45 $15
Top Up fee $200 $185

* Full descriptions of when each fee is applicable can be found in the updated Personal Banking fees and limits brochure (PDF 142.2 KB).

Previous public notices can be found on our archived public notices.